TerryWhite Chemmart, No.155 William St, Devonport. Picture: Supplied
A TerryWhite Chemmart building in Devonport sold under the hammer for a multimillion-dollar price.
No.155 William St transacted at $2.5m, representing a yield of 5.76 per cent.
CBRE senior director Matthew Wright said the latest campaign was one of the most successful in recent times, reflecting the surge in investor appetite for defensive assets.
“Historically, during global economic uncertainty as seen by the GFC and the pandemic, investors turn to bricks and mortar,” he said.
“Defensive property assets have never been more sought after — in today’s economic climate, investors are prioritising stability, reliable income, and long-term resilience above all else.”
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No.155 William St, Devonport.
No.155 William St, Devonport.
The Devonport auction appeared to get off to a quiet start, with bidders waiting for someone to make the first move.
Then the auction jumped into fifth gear gathering momentum with multiple registered bidders in attendance.
Bidding opened at $2m with two parties in the room going head-to-head, before a third buyer, from Devonport, entered the competition.
This injection of competition is exactly what vendors hope for on auction day, and it ultimately saw the property sell well past reserve.
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CBRE associate director George Wilkinson described the sale as a fantastic result for Tasmania.
“We are seeing a growing trend of interstate investors actively seeking premium leased investments outside of Sydney and Melbourne,” he said.
“This auction is a perfect example of that confidence in the Tasmanian market.
“Results like this highlight the strength and appeal of what our state has to offer.”
No.155 William St, Devonport.
No.155 William St, Devonport.
Nicholas Bond, director at Elders Commercial, said the Chemmart is known by locals as arguably Devonport’s busiest pharmacy.
He said the site has a long trading history as a pharmacy and is located centrally within the Fourways precinct, with important rear access via the area’s main council car park.
“Investors were attracted to the site by virtue of the new lease to June 2032, in addition to the strength of the operator who has a network of 12 multi-branded pharmacies throughout Tasmania,” Mr Bond said.
No.155 is a modern two-level brick building with a total building area 588sq m, constructed on a site of 396sq m.
The position is within the tightly held Fourways retail precinct along William St.
No.155 William St, Devonport.
No.155 William St, Devonport.
The asset provided an investor-friendly net lease structure, with the tenant responsible for all statutory outgoings including land tax.
It also has CPI-linked annual rent reviews with market reviews every three years and at the commencement of each option period.
As of mid-2025, the net income is $143,964 per annum, plus GST.
TerryWhite Chemmart is Australia’s largest pharmacy chain with over 600 stores.
The asset at No.155 William St was among the properties sold in CBRE’s Investment Portfolio Auction 183. Sales on the day at the Crown Casino, Melbourne exceeded $54m.